NSW Wheat Futures
|Underlying Commodity||NSW Wheat|
|ASX 24 Code||VW|
|Physical Grade||Grain Trade Australia (GTA) Wheat Standard CSG 103 (APW1) 10.5% Protein*|
|Pricing Point||New South Wales (NSW) track (Newcastle and Port Kembla)|
|Contract Unit||20 metric tonnes|
|Quotation Tick Size||AUD $0.10 per tonne. Tick value of $2 per contract.|
|Settlement Months||January, March, May, July, September|
|Last Trading Day and Maturity Date||The third Thursday of the maturity month, provided this is a trading day.|
Night Session: 5.14pm to 7.00am (For period from second Sunday in March to first Sunday in November)
|Settlement Method||Physical delivery|
|Delivery Period||Begins on the second business day of the contract month and ends at 3pm on the Last Trading Day.|
|Notice Day||Any business day within the Delivery Period on which notice is given via lodgement of tender documentation with ASX Clearing Corporation.|
|Settlement Day||The business day following the Notice Day.|
|Settlement Amount||The final Settlement Amount is calculated from the settlement price on the Notice Day. This price is adjusted for GTA location differentials, shrink, protein premiums (see Premiums and Discounts), receival fees and GST.|
|Deliverable Grade||Australian Wheat as per GTA Bin Grade APW2 or better, new crop year, transferred on a grower receival stack average*** basis (see Premiums and Discounts). Milling wheat must be new crop stock.|
|Approved Warehouses and Delivery Locations||Up-country locations in NSW of an Approved Bulk Handler, tributary to either Newcastle or Port Kembla with rail and road outloading capability.|
|Premiums and Discounts||
Settlement Months – up to and including January 2014
Settlement Months – March 2014 onward
* For contract maturities up to and including January 2014, settlement will remain based on a Minimum Protein level of 10% and adjusted accordingly in line with the applicable grower receival stack average data, refer to Premiums and Discounts.
** AEDT commences the first Sunday of October and finishes the first Sunday of April.
*** When grain is initially received at a bulk handler depot, it is tested and the results are recorded. At the completion of harvest, each delivery depot has an average of the grain characteristics for each grain type. This is referred to as the grower receival stack average. When a futures contract is tendered and the grain is transferred from one party to another, the transfer and any associated premium and discount price adjustments are based on the grower receival stack average grain characteristics (see Premiums and Discounts).
In the case of any discrepancy between this document and the ASX 24 Operating Rules and ASX Clear (Futures) Operating Rules the respective Operating Rules prevail.